Illegal exchange of notes rampant in Tumakuru?

Illegal exchange of old currency notes appears rampant in the district.

Published: 27th November 2016 03:09 AM  |   Last Updated: 27th November 2016 03:09 AM   |  A+A-

By Express News Service

TUMAKURU: Illegal exchange of old currency notes appears rampant in the district. Two such cases have been reported in which two private banks’ recovery officers were allegedly involved.
Following a tip-off, the Kythsandra police took Uday into custody, who claimed to the HDFC Bank’s loan recovery executive, and Padmaraj, Cholamandalam Finance’s vehicle loan recovery officer.

When they were at Vinayaka temple at Girinagar, the police confronted them and seized Rs 3 lakh in Rs 2,000 denomination notes. It is alleged that they were into the illegal exchange of old notes with the new ones.
Meanwhile, at Kunigal, the police arrested Ravi and Prakasha and seized Rs 6.06 lakh in old currency notes. They had got the notes after exchange with new currency notes at 20 per cent commission from a gang of six from Tumakuru, sources said.  The gang was released on bail as they did not have the exchanged cash with them.

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